Customs bureau surpasses May collection target by 6.6 percent

(Eagle News) — The Bureau of Customs generated P49.334 billion in revenues in May, surpassing its target for the month by 6.6 percent.

In a statement, the bureau said the increase of P3.058 billion was despite the COVID-19 pandemic and its effects.

Based on the preliminary report from the BOC Financial Service, the P49.334B collection includes additional revenues from the Tax Expenditure Fund (TEF) amounting to  P50.16 million and Post Clearance Audit Group (PCAG) collection of P86.26 million.

The bureau said 12 of the seventeen collection districts exceeded their target for the month.

These were the Port of San Fernando, Port of Manila, MICP, Port of Batangas, Port of Legaspi, Port of Iloilo, Port of Tacloban, Port of Surigao, Port of Cagayan de Oro, Port of Davao, Port of Subic, and Port of Clark.

The bureau said it has collected P249.793 billion since January, which already represents 40.50 percent of the 2021 target collection of P616.749 billion.

It said the positive revenue collection performance was due to the “improved valuation and volume of importations, and the intensified collective efforts of all the ports to prevent revenue leakages and collect all lawful revenues.”

“This continues to highlight the Bureau’s consistent and positive monthly collection for the fifth month this year since January,” the bureau said.